Wednesday, October 14, 2009

I have been defeated

I tried to have Arnold Kling consider -- not buy, but at least consider -- post-Keynesianism (or Modern Monetary Theory if you prefer) over at EconLog, and have totally failed. So, I surrender!

My approach was certainly very flawed, but then so has been everyone's who is pushing this idea. It's interesting to see what memes catch on, what don't, and how unconnected that is with their factual merit. After all, PK/MMT is as wonky as the monetary nonsense Scott Sumner spouts and Sumner has been extremely successful by contrast.

Heck -- even the Austrians have done well by contrast. They at least have a lock on the libertarian market. In the past I would say that finding anyone less successful than the Austrians or libertarians would be a futile exercise.

Here's a great comparison piece between PK/MMT and what you get in your Greg Mankiw text books: Studying macroeconomics – an exercise in deception


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